BARYS RESOURCES LIMITED — Capital/Financing Update 2012

Jul 30, 2012

31 JULY 2012

ASX RELEASE

MINING GROUP TO RAISE UP TO $5 MILLION

Mining Group Limited (ASX: MNE) is pleased to announce its proposed capital raising activities to raise a minimum of $2.5 million and up to approximately $5 million.

Mining Group intends to conduct a pro-rata, renounceable rights issue of up to approximately 50,202,344 new shares on the basis of one new share for every one share held by shareholders on the record date at an issue price of $0.10 per new share to raise up to approximately $5,020,234 (“Rights Issue”). It is intended that the Rights Issue will be underwritten to $2.5 million by Patersons Securities Limited.

In addition to the Rights Issue, Mining Group has negotiated a short term loan agreement with White Swan Nominees Pty Ltd, a controlled entity of the Company’s corporate adviser Cygnet Capital Pty Ltd, for $500,000 (“Loan”), intended to cover Mining Group’s immediate working capital and exploration expenses at the Comval Copper Gold Project in the Philippines until completion of the Rights Issue.

The Loan will be secured by a first ranking charge over Mining Group. Further, under the terms of the Loan, the Loan is repayable in full, with interest, on receipt of funds from the Rights Issue; interest will be charged at 6% per annum and the Company will pay the lender a fee of 6,000,000 options exercisable at $0.20 each on or before 1 July 2014, in the same class as the Company’s current listed options.

Pro-Rata Renounceable Rights Issue

It is intended that the Rights Issue be structured as follows:

• One for one renounceable rights issue of shares to eligible shareholders at the record date

• Issue price of 10 cents per share

• Minimum raising of $2.5 million and up to approximately $5 million maximum funds to be raised (before costs).

Full details relating to the Rights Issue will be set out in a prospectus which is being finalised and is anticipated to be lodged with the ASIC on or around 1 August 2012, whereupon a full timetable will be released.

Mining Group’s Managing Director Mr Zeff Reeves commented: “The current market conditions have meant we have elected to offer an attractive discount to our shareholders in order to follow up the recent exploration success at our Comval Project. Recent drilling has confirmed our exploration model and, together with ground magnetic, has indicated the potential to continue to expand the mineral inventory at Comval.”

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“The funds raised from the Rights Issue will be applied by the Company to progress the Company’s exploration programme at Comval, to repay the Loan and towards general working capital.”

For further information please contact:

Zeff Reeves Managing Director

P: + 61 8 9322 6424

Media Investors Donna Cole or Carrie Parsons Ronn Bechler LastSay Communications Market Eye carrie@lastsay.net.au ronn.bechler@marketeye.com.au P: +61-433 472 947 P: +61-400 009 774 P: +61-08 6102 7295

About Mining Group Limited

Mining Group Limited (ASX: MNE) is an ASX listed, Australian based exploration company established to explore, evaluate and acquire commercially significant resource projects in Australia and overseas.

Mining Group seeks to develop the Comval Copper Gold Project in the Philippines along with exploring the prospective Western Australian based Boorara, Teutonic and Lake Christopher Projects.

Mining Group has a strong Board and management team with considerable technical, commercial and corporate experience in the resources sector.

For more information visit the Mining Group website at www.mininggroup.net.au

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